Company registration number 08725455 (England and Wales)
OXIP INVESTMENT COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
OXIP INVESTMENT COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr P J Martin
Mr P C Berriman
Company number
08725455
Registered office
Watson House
London Road
Reigate
Surrey
RH2 9PQ
Auditor
TC Group
Devonshire House
1 Devonshire Street
London
W1W 5DR
Bankers
HSBC Bank Plc
City of London Branch
60 Queen Victoria Street
London
EC4N 4TR
OXIP INVESTMENT COMPANY LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 16
OXIP INVESTMENT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company during the year was that of an investment holding company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P J Martin
Mr P C Berriman
Mr G A Grimes
(Resigned 1 December 2022)
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
TC Group were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Mr P C Berriman
Director
6 March 2024
OXIP INVESTMENT COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
OXIP INVESTMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXIP INVESTMENT COMPANY LIMITED
- 3 -
Opinion
We have audited the financial statements of OXIP Investment Company Limited (the 'company') for the year ended 30 June 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
OXIP INVESTMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OXIP INVESTMENT COMPANY LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102, the Companies Act 2006) and the relevant direct and indirect tax compliance regulation in the United Kingdom.
We understood how the company is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We tested completeness of income through substantive tests performed, analytical review procedures and cut off tests on the revenue recognised.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance.
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
OXIP INVESTMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OXIP INVESTMENT COMPANY LIMITED
- 5 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Hannah Sibley FCA
Senior Statutory Auditor
For and on behalf of TC Group
7 March 2024
Statutory Auditor
Devonshire House
1 Devonshire Street
London
W1W 5DR
OXIP INVESTMENT COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2023
2022
Notes
£
£
Revenue
3
761,658
251,383
Administrative expenses
(16,620)
(16,637)
Loss on investment
(3,956,622)
Operating (loss)/profit
2
(3,211,584)
234,746
Finance costs
4
(578,443)
(714,377)
Loss before taxation
(3,790,027)
(479,631)
Tax on loss
6
(763,327)
45,003
Loss for the financial year
(4,553,354)
(434,628)
The income statement has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the statement of comprehensive income.
OXIP INVESTMENT COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
- 7 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
7
12,960,798
Current assets
Trade and other receivables
8
44,950
202,498
Investments
9
9,407,087
Cash and cash equivalents
6,324,715
2,249,049
15,776,752
2,451,547
Current liabilities
11
(4,355,664)
(16,346)
Net current assets
11,421,088
2,435,201
Total assets less current liabilities
11,421,088
15,395,999
Non-current liabilities
10
(11,954,490)
(11,376,047)
Net (liabilities)/assets
(533,402)
4,019,952
Equity
Called up share capital
13
1
1
Retained earnings
(533,403)
4,019,951
Total equity
(533,402)
4,019,952
The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
Mr P C Berriman
Director
Company registration number 08725455 (England and Wales)
OXIP INVESTMENT COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 July 2021
1
4,454,579
4,454,580
Year ended 30 June 2022:
Loss and total comprehensive income
-
(434,628)
(434,628)
Balance at 30 June 2022
1
4,019,951
4,019,952
Year ended 30 June 2023:
Loss and total comprehensive income
-
(4,553,354)
(4,553,354)
Balance at 30 June 2023
1
(533,403)
(533,402)
OXIP INVESTMENT COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
16
521,955
923,754
Income taxes paid
(134,847)
Net cash inflow from operating activities
521,955
788,907
Investing activities
Receipts from investments
3,573,417
Increase in investments
(19,706)
(24,244)
Net cash generated from/(used in) investing activities
3,553,711
(24,244)
Net increase in cash and cash equivalents
4,075,666
764,663
Cash and cash equivalents at beginning of year
2,249,049
1,484,386
Cash and cash equivalents at end of year
6,324,715
2,249,049
OXIP INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
1
Accounting policies
Company information
OXIP Investment Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Watson House, London Road, Reigate, Surrey, RH2 9PQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Despite the truenet liabilities, the company has adequate resources to continue in operational existence for the foreseeable future. The directors will draw on forthcoming support from the shareholders in the event it is required. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Income represents a share of the profits due from the Fprop Offices Limited Partnership.
1.4
Investments
Non-current and current investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
OXIP INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 11 -
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including other payables, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
OXIP INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
2
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
7,200
7,200
3
Revenue
An analysis of the company's revenue is as follows:
2023
2022
£
£
Revenue analysed by class of business
Fprop Offices LP's share of profit
761,658
251,383
2023
2022
£
£
Revenue analysed by geographical market
UK
761,658
251,383
4
Finance costs
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
578,443
714,377
5
Employees
There were no employees during the year (2022: nil).
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
763,327
(44,950)
Adjustments in respect of prior periods
(53)
Total current tax
763,327
(45,003)
OXIP INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Taxation
(Continued)
- 13 -
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(3,790,027)
(479,631)
Expected tax credit based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
(776,956)
(91,130)
Effect of change in corporation tax rate
(152)
Effect of revaluations of investments
811,108
Other non-reversing timing differences
729,327
46,180
(Over)/under provided in prior years
(53)
Taxation charge/(credit) for the year
763,327
(45,003)
7
Fixed asset investments
2023
2022
Notes
£
£
Loans to related undertakings
12,960,798
Movements in non-current investments
Loans to related undertakings
£
Cost or valuation
At 1 July 2022
12,960,798
Additions
19,706
Transfer to current assets
(9,407,087)
Disposals
(3,573,417)
At 30 June 2023
Carrying amount
At 30 June 2023
At 30 June 2022
12,960,798
OXIP INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
8
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
44,950
44,950
Amounts owed by group and related undertakings
157,548
44,950
202,498
9
Current asset investments
2023
2022
£
£
Loans to related undertakings
9,407,087
10
Non-current liabilities
2023
2022
Notes
£
£
Other borrowings
12
11,954,490
11,376,047
11
Current liabilities
2023
2022
£
£
Amounts due to group undertakings
3,575,991
Corporation tax
763,327
Accruals and deferred income
16,346
16,346
4,355,664
16,346
12
Borrowings
2023
2022
£
£
Loans from group undertakings
11,954,490
11,376,047
Payable after one year
11,954,490
11,376,047
The loan carries an interest rate of 6% on the principal of £9,640,718. Both the loan and accrued interest are repayable in full on 30 June 2029.
OXIP INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
14
Events after the reporting date
After the year end date, the commercial properties in which Fprop Offices LP invests continued to decline in value. This decline affects the company's share of the Partners' Fund and the amounts due to group undertakings will significantly increase.
The company's share of the LP's after-date loss to 31 December 2023, the most recent valuation date, is estimated to be £6,866,354.
15
Ultimate controlling party
The company is a wholly owned subsidiary of BNY Mellon Trust Company (Ireland) Limited as Trustees of the Towers Watson Partners Master Fund, a company incorporated in Ireland. The ultimate parent undertaking is Willis Towers Watson plc.
16
Cash generated from operations
2023
2022
£
£
Loss for the year after tax
(4,553,354)
(434,628)
Adjustments for:
Taxation charged/(credited)
763,327
(45,003)
Finance costs
578,443
714,377
Movements in working capital:
Decrease in trade and other receivables
157,548
682,698
Increase in trade and other payables
3,575,991
6,310
Cash generated from operations
521,955
923,754
17
Related party transactions
At the year end the company was indebted on the Partners' Fund to Fprop Offices LP, a related entity, in the amount of £3,575,991 (2022: £157,458 was owed by Fprop Offices LP to the company). This balance is interest free and is repayable on the expiry of the limited partnership, which is expected to be 30 June 2024.
During the year, the company was charged interest of £578,443 (2022: £714,377) by Towers Watson Partners Master Fund, a related entity. At the year end, the company was indebted to Towers Watson Partners Master Fund in the amount of £11,954,490 (2022: £11,376,047).
OXIP INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
18
Analysis of changes in net debt
1 July 2022
Cash flows
Non-cash movements
30 June 2023
£
£
£
£
Cash at bank and in hand
2,249,049
4,075,666
-
6,324,715
Borrowings excluding overdrafts
(11,376,047)
-
(578,443)
(11,954,490)
(9,126,998)
4,075,666
(578,443)
(5,629,775)
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